David Sacks just announced the Strategic Bitcoin Reserve built on civil asset forfeiture – aka ✨stealing✨ – and everyone on X is freaking out
I swear these morons would have cheered on 6102 smh
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Replies (27)
What’s 6102?
And Bitcoin drops. X is a circus. 🍿
David Sacks isn't as stupid as I thought.
fuck that nonsense
Don’t like that part. Still bullish
very ominous
bullish on what exactly?
The USD denominated price of bitcoin
The previous policy where they auctioned them off was so much better, and didn't have this fucked up incentive alignment.
Ah got it – and that's important how?
Not sure they morons. Quite sure they lining their pockets with the stupidity of others, maybe by selling them podcast shit talk and other nonsense. I fail to grasp how an audience exist for the "bitcon fixes this" bullshit spewed out on a daily basis, and yet here we are.
Roughly 60-70% of Bitcoin is still held by individuals. I would venture to say principled people.
More purchasing power = more influence/ability to push positive legislative changes (better tax treatment, privacy tech support, repeal BSA etc). With higher price bitcoiners “have the cards”
Feel free to disagree but that’s how I see it
Yeah that's... not how that works
Ok then
Whoa hold on. That's incredibly fucked
do they want to buy it, or do they want to steal it
Very concerning
is this London? Jeebus, its changed
How does it work, then?
nope. Politicians want liquidity to spend during their reign. Having to put stolen btc into a reserve instead of selling it and funneling the money reduces the incentive to steal your btc.
Agree that we should NOT be seizing assets as the foundation for our reserve, but the rest of the exec order that generated so much excitement was acknowledgment of #bitcoin as store of value like digital gold, authorization to go buy more, and clear divide against shitcoins in separate stockpile. If we don’t see that as a win, we may be missing the forest for the trees
Same folks who so hung up on 'woke' and being anti it (whatever it is - see double speak) they'll happily sleepwalk into actual fascism, you know like the dictionary definition, not the Tik Tok influencer type. For the record, I see all the US/UK governments in my lifetime focus on killing Arabs.
While I'm on dictionaries, I'd love it if more folks read up on irony. It's quite funny when you think about it.
Me? I don't have any skin in this horse, I'm just a sound engineer trying to do my thing, sitting in a shed somewhere in the UK, chatting bollocks on the internet.
They're basically cheering the government seizing Bitcoin forcefully. Remember that karma is a bitch.